Discovery will integrate its FNB credit card joint venture into its new bank.
Discovery has said that it plans to integrate its credit card business – currently comprising 300,000 active clients and operated through a joint venture with FNB – into its banking offering, which is soon to launch.
Discovery chief executive Adrian Gore says that despite the market’s numerous players and strong incumbents, there is plenty of opportunity. He says:
“We’ve always been an organisation that hasn’t shied away from big competitive institutional business – we entered life insurance at the time when a few big giants existed. [Banking] is a different space and we’ll be tested by our value proposition: will we meet the needs of our clients?”
FNB parent company FirstRand holds a 25.01 percent stake in Discovery Card, while Discovery holds the primary 74.99 percent.
